HA Sustainable Infrastructure Capital, Inc.

HA Sustainable Infrastructure Capital, Inc. (HASI) is an internally managed investor focused on sustainable infrastructure assets that support the energy transition. It deploys capital into income-generating real assets and financing structures backed by long-term contractual cash flows, with exposure across distributed energy, grid-connected renewables, and decarbonization projects.

46,1 %

+4,4 %

— HA Sustainable Infrastructure Capital, Inc.
%
Direct investments45% Equity, joint ventures, real estate, and other direct holdings in project assets.
Debt and receivables25% Fixed-rate and floating-rate receivables and debt securities tied to project cash flows.
Securitization and residual income15% Gain-on-sale transactions and residual ownership income from securitizations and co-investments.
Asset management and services10% Recurring fees from asset management, broker/dealer, and related services.
Climate solutions project finance5% Capital deployed across BTM, GC, and FTN markets for energy transition assets.

HASI's customers are primarily U.S. clean energy developers, project owners/operators, utilities, and energy service...

  • Clean energy developersprimary

    They originate projects and use HASI for repeat capital across distributed and utility-scale assets.

  • Project owners and operatorsprimary

    They sell or finance operating assets backed by long-term cash flows and contracted offtake.

  • Utilities and electric usersprimary

    They contract for power or infrastructure services in grid-connected renewable projects.

  • Energy service companiessecondary

    They finance energy efficiency and behind-the-meter upgrades for commercial and institutional clients.

  • Industrial and transportation counterpartiessecondary

    They buy RNG, fleet decarbonization, and other FTN solutions to reduce emissions.

HASI generates substantially all of its revenue from operations in the United States, and its disclosed customer base...

  • •Substantially all revenue is generated in the United States
  • •Core markets are U.S. clean energy and infrastructure projects
  • •Exposure is tied to state, federal, and utility policy in the U.S.
  • •International expansion is possible but not yet a major contributor
  • •Domestic focus limits foreign-currency and repatriation risk

HASI's strategy is to provide long-duration capital to income-generating sustainable infrastructure assets with...

01
Expand managed assets in climate solutions marketsmedium-term

Scale increases recurring income and broadens exposure across project types.

02
Deepen programmatic client relationshipsshort-term

Repeat originations lower sourcing costs and improve transaction efficiency.

03
Increase recurring and fee-based earningsmedium-term

Diversified income sources reduce dependence on portfolio spreads alone.

04
Maintain transparent sustainability and impact reportingshort-term

Disclosure supports investor credibility and can improve financing terms.

HASI's earnings depend on project cash flows, counterparty performance, interconnection access, and policy support for...

high

Counterparty credit and contract performance risk

Many projects rely on utilities, governments, or other customers to honor long-term commitments.

Scope
PPAs, energy efficiency contracts, and project receivables
Materiality
high
high

Interconnection and transmission risk

Projects need functioning grid access to deliver power and avoid downtime or penalties.

Scope
Grid-connected renewable assets
Materiality
high
high

Policy and subsidy risk

Project economics depend on federal, state, and municipal incentives and regulations.

Scope
Clean energy demand and project returns
Materiality
high
medium

Interest rate and valuation risk

Higher rates can pressure asset values, financing spreads, and securitization economics.

Scope
Portfolio fair values and new investment returns
Materiality
high
medium

International expansion risk

Future non-U.S. investments would add legal, currency, and repatriation complexity.

Scope
Potential overseas projects
Materiality
medium
Consolidation of project entities
Can materially change balance sheet size and leverage presentation
Equity method investments
Affects timing and volatility of earnings recognition
Credit loss allowance under Topic 326
Can increase provisions in weaker credit or macro environments
Securitization accounting
Influences recurring income and reported gains
Fair value and impairment estimates
Can create earnings volatility and asset write-down risk

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: 28/04/2026